FTSE up 7% YTD!

A friend commented to me that since January the UK market is up 7.4% (for the S&P UK and 7.6% for the FTSE100), while I said in my earlier port that it was essentially flat. I would like to apologize for that, I should’ve said it was essentially flat in dollar terms because while it is true that the S&P UK is up more than 7% year-to-date, the British Pound (GBP) is down about 7% during the same period making the total return for a US Dollar investor (which includes Saudis) essentially zero. Just wanted to clear that up.